Spark Investment Management LLC Makes New Investment in Dropbox, Inc. $DBX

Spark Investment Management LLC acquired a new stake in Dropbox, Inc. (NASDAQ:DBX) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 21,000 shares of the company’s stock, valued at approximately $577,000. Dropbox makes up 1.1% of Spark Investment Management LLC’s investment portfolio, making the stock its 25th biggest position.

Other hedge funds also recently made changes to their positions in the company. Palisade Asset Management LLC acquired a new position in shares of Dropbox during the 3rd quarter worth approximately $30,000. Kestra Advisory Services LLC acquired a new stake in Dropbox during the 4th quarter valued at $31,000. Larson Financial Group LLC lifted its holdings in Dropbox by 228.0% during the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after purchasing an additional 791 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after purchasing an additional 558 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in Dropbox during the fourth quarter worth $38,000. 94.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on DBX. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. William Blair upgraded shares of Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. Zacks Research cut shares of Dropbox from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Bank of America reissued an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. Finally, Citigroup raised their price objective on shares of Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $30.75.

Dropbox Price Performance

Dropbox stock traded down $1.02 during midday trading on Tuesday, hitting $33.81. The company’s stock had a trading volume of 3,259,659 shares, compared to its average volume of 3,946,857. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 18.78, a PEG ratio of 5.15 and a beta of 0.65. Dropbox, Inc. has a 1-year low of $21.69 and a 1-year high of $36.37. The company has a 50-day moving average price of $32.30 and a two-hundred day moving average price of $27.84.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The firm had revenue of $631.50 million for the quarter, compared to analyst estimates of $626.69 million. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue was up .9% compared to the same quarter last year. Sell-side analysts forecast that Dropbox, Inc. will post 1.93 EPS for the current year.

Insider Buying and Selling

In related news, CAO Sarah Schubach sold 1,631 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $35.50, for a total transaction of $57,900.50. Following the sale, the chief accounting officer owned 115,150 shares of the company’s stock, valued at $4,087,825. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 11,332 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $34.13, for a total value of $386,761.16. Following the transaction, the chief technology officer owned 471,052 shares in the company, valued at approximately $16,077,004.76. This trade represents a 2.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 38,667 shares of company stock worth $1,285,874. 35.48% of the stock is owned by corporate insiders.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.